Elk Grove housing market lagging behind 2016

Elk Grove housing market lagging behind 2016

After a slow January and February that saw homes sales dip nearly 30% compared to 2016, the Elk Grove housing market made modest gains in March. Through January and February of 2017, there were 139 homes sold compared to 194 in 2016. March sales reached 158 total homes sold compared to 189 in 2016. Homes sales are off 23% compared to the first quarter of 2016. Average days on the market for the homes that sold was 23 days. The median home price for March was $409,000, compared to a median price of $350,000 in March 2016. There are currently 120 homes for sale in Elk Grove. According to local Realtors, we are still in a sellers market, with many homes receiving multiple offers. There are currently 245 homes pending sale with average days on the market of 21 days.